The Hershey Company reached an agreement to acquire the 49-percent stake in India’s Godrej Hershey Ltd. that it does not own, primarily from Godrej Industries Ltd. and another minority shareholder.
The transaction is expected to close by the end of the third quarter, when the company will own the Maha Lacto and Nutrine candy brands and the Jumpin and Sofit beverage brands, as well as the related manufacturing facilities. The company will be called Hershey India as it becomes a wholly owned subsidiary of the Pennsylvania parent.
“India is a key focus market for The Hershey Company,” says J.P. Bilbrey, president and chief executive officer, The Hershey Company. “We have a great deal of respect for Godrej. Confectionery and beverage category growth in India is solid, and we’re excited about our opportunities. We’ll make the necessary investments in India to accelerate growth, leveraging our core strengths and business model.”
Over time, Hershey’s goal is to evolve into a faster growing India market leader in food and beverages
